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天風點評港股教育股大漲:政策預期落地或大幅提升教育板塊估值
格隆匯 04-20 15:44
格隆匯4月20日丨港股教育股今日集體走強,宇華教育領漲,盤中最高漲近16%,希望教育漲近10%,中國東方教育、中教控股等均大漲。天風證券指出,近期受民促法實施條例或於近期落地等情緒帶動,以學歷資產為代表的港股教育板塊表現強勢;當前港股教育投資性價比顯著,估值提升空間較大,建議積極關注。具體點評如下:政策落地最大意義在於靴子落地,不確定性消除。2016年至今民促法相關政策持續影響港股教育板塊,以發佈送審稿為代表,板塊估值至今大幅折價;若終版文件如期落地,行業估值或有較大提升空間。對於最終版內容,市場預期或較為充分,其中對於高教板塊利空基本消除,文件落地將直接帶動外資長線及政策敏感資金加速入場;對於K12板塊,過去兩年政策不確定性壓制極大,地方真實需求持續增長,靴子落地一方面打開估值天花板,另一方面將明確未來發展方式及路徑,實現多維度成長。民促法落地或為港股教育板塊近3年以來最大催化,實施條例基本出發點仍為引導民辦教育健康有序發展,作為公辦補充豐富供給滿足不同層次需求;對於多類別多賽道資產均有不同程度帶動。相關學歷標的:中教控股/華夏教育/希望教育/中國科培/宇華教育/中彙集團等;天立教育/睿見教育/楓葉教育等;非學歷:東方教育/思考樂教育/新東方在線。

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